Cravath, Swaine & Moore LLP - The Inside View

How does the saying go… the best things in life come in threes? Well, for one associate who joined Cravath, it was all about “the attention to detail, hard work and the environment of perfectionism in the culture.” Another added, “I wanted a firm in New York with corporate strength, loved the rotational system and knew the strength of the Cravath brand name.” For others, it was “the choice, the high caliber of the lawyers and the prestige.”

Hearing from our interviewees makes it abundantly clear that Cravath is in the upper echelon of BigLaw, but in case you need more convincing, just take a glance at our sister guide, Chambers USA, where the firm racks up a whole lot more than just three accolades. In its hometown of New York, it’s recognized as the best of the best in antitrust, corporate/M&A, environment, general commercial litigation, securities litigation, corporate media and entertainment and tax. Nationwide, Cravath also scores big in capital markets and banking and finance.

“…It’s nice to feel like you’re at an accomplished, well-respected place.”

Being a big name in BigLaw has its perks. “The portability of the brand has a functional, intrinsic benefit. It’s nice to feel like you’re at an accomplished, well-respected place,” admitted one insider. The rotational system was a major selling point, too. “I didn’t have enough data on what practice I wanted to do, but here, you rotate every 18 months,” a source explained, “so I don’t have to specialize until I’m ready.”

Even with its many awards, the magic number is indeed still three for Cravath with offices in New York, Washington, DC, and London, though the associates on our list were mainly based in New York.

Strategy & Future

Cravath has had a big year according to George E. Zobitz, managing partner of the corporate department and co-head of the finance practice. “2024 was a very busy year for us across practice areas; litigation was incredibly active, and our M&A and financing practices remained busy as well,” he details. With clients like Citi, Paramount, Meta, and Johnson & Johnson, it’s clear that there’s been no shortage of work for the firm.

In 2023, Cravath opened a DC office in 2023 which does “a lot of antitrust and regulatory work, which is an area of increasing importance for our clients,” as Zobitz shares. The firm also started offering English law banking representation in the London office. “Our English law capacity has been very successful, which complements our US law securities practice in London,” he adds.

Looking at wider trends, Zobitz contemplates: “There have been worldwide shifts in antitrust enforcement, so we’ve devoted more time and energy to that,” bringing in several laterals to the DC office with regulatory experience. Notable additions include Jelena McWilliams, former chair of the FDIC, Dave Kappos, former head of the USPTO, and Elad Roisman, former commissioner and acting chair of the SEC.

“Another major area of focus is investigations,” Zobitz nods, “and our chair of the practice is John Buretta. We recently brought in Andrew Finch as well, who in joining us further strengthens our antitrust capacity.”

Read the rest of our conversation with Jed Zobitz under the ‘Get Hired’ tab.

The Work

Cravath’s summer program lets summers choose to spend their time in one department or split their time between practices. After indicating their preferred department once they join the firm, associates are placed in a wider department like corporate or litigation, and then into a partner group within a rotational system. Rotations last anywhere from 15 to 18 months for corporate, while litigation rotations average around 18 months, but there is flexibility depending on the deal or matter associates are working on.  Since associates are often working with multiple partners on different matters: “you’re not siloed within the partner you’re assigned to by any means.” Staffing is done centrally within your chosen group, so: “there’s no coordinator, but when work comes in, partners will see who’s available and assign tasks themselves.” Overall, juniors were pleased with this system as it provides “the opportunity to experience lots of different cases and subject matters. I was pleasantly surprised that you weren’t siloed and can work with lots of different people and have autonomy over what cases you’re assigned to.”

“Client contact is not day-to-day; it’s hour-to-hour!”

In Cravath’s corporate department, the partner groups include M&A, banking, financial restructuring and reorganization, intellectual property, environmental, real estate and capital markets. Of the capital markets work, we heard that it’s “a lot of bank-side work,” representing the bank or syndicate, as well as plenty of issuer-side work. An insider gushed, “I feel good that I’ve seen equity, high yield and investment grade debt, tender offers, IPOs, shelf takedowns… I’ve seen everything there, which is great!” The M&A offerings are largely public and strategic, with large market cap public companies on both the buy and sell side. Personal responsibility here starts from day one, as one source laughed, “Client contact is not day-to-day; it’s hour-to-hour!” Typical tasks include deal flow management: “keeping docs flowing, ensuring you’re getting things to the other side and vice versa – kind of project management stuff.” There is room for precedent research, diligence (doc review, managing diligence calls), and drafting and negotiating ancillary documents. “You will be running the disclosure letter process,” another source affirmed, “and pulling together checklists for everything that needs to happen.”

Corporate clients: IBM, Vista Outdoor, Aon. Representing the special committee of the board of directors of Paramount Global in connection with Paramount’s pending $28 billion merger with Skydance Media.

“Obviously Cravath is known for its antitrust practice,” a junior litigator grinned, “but the thing that stands out the most about our practice is the types of cases I do. They’re the types of cases most people in my career could only dream of being able to work on.” The litigation department tackles a wide range of work, with clients similarly varying from “pretty big corporations” to individuals. Juniors “get thrown right into it,” with multiple resources and senior associates to reach out to for support. Day-to-day tasks involve lots of writing – everything from briefs and motions to emails to opposing counsel; “it takes up a lot of your time!” There’s also plenty of research and written discovery to get your hands on. A pleased insider surmised: “I’ve gotten to see headline-making litigation and gotten to be a part of it. I couldn’t have gotten that experience anywhere else.”

Litigation clients: Epic Games, Credit Suisse Asset Management, The Walt Disney Company. Representing Citigroup in a putative class action litigation brought by Loomis Sayles Trust Company concerning several large equity trades executed by Citigroup in March 2022.

Culture

When our interviewees were telling us about Cravath’s culture, it was hard not to be a little envious. Between biannual Cravath Prom, a “delightful” black tie event with a sit-down dinner, and monthly get-togethers with an open bar and themed hors d’oeuvres, juniors couldn’t stress enough that “I love all the associates I work with. You bond super quickly with them.” Several insiders cited coming into the office as an important way to make those close connections: “If you spend more time in the office, you spend more time building a rapport with your team. That has given me a real sense of ownership rather than being in my studio apartment somewhere stressing about what someone really meant by their blunt email!” This insider went on to say, “We are social animals. You can do the job well by staying home, but that’s a very gray and dreary way to do it.”

“I love all the associates I work with. You bond super quickly with them.”

Career Development

The rotational system at Cravath offers unique opportunities for career development because: “you’re working with the same partner for your whole rotation. They’re invested in making sure you’re doing good work and learning what you want to learn.” Like any entry into BigLaw, there’s “bound to be a learning curve,” but the firm ensures that first years have access to an abundance of training and experience. “It’s anything from mock negotiation exercises to year-round classes on the firm’s technologies, system, and apps,” an associate detailed. As juniors become more senior, “training comes more from the work you’re doing rather than the formal sessions. There’s still skill development stuff, but at that point, you learn the most by being in the trenches and doing deals,” another insider shared.

Hours & Compensation

Billable hours: no requirement

Not having a billable hour target hasn’t stopped Cravath associates from notoriously “working more hours than other associates at our level do.” In fact, “it’s a character trait of the firm that we work very long hours!” But with the bonus being lockstep, one source noted that it’s “nice that I’m not thinking about hitting a certain number of hours,” so that “when it’s a slower month, I’m not freaking out about my bonus.”

There was no typical day for our interviewees; corporate juniors tended to start later and finish later while their litigation counterparts reported starting around 9.30am and finishing at 6pm. Cravath’s hybrid working policy mandates three days in office: Tuesday, Wednesday and the third day of your choosing. “When I have something I want to do, I can communicate that to my team because they know I can manage my own time,” one insider stated, and this is the case “as long as you’re being responsible and turning things in as quickly as possible.”

"It was super rewarding to be in court every day and see the fruits of our labor... it really hit home."

Pro Bono

Associates were positively beaming about their pro bono policy… or lack thereof: “I have no idea what the policy is because there’s no hard and fast rules as far as I’m aware.” This source continued, “Everyone here is committed, hardworking, and smart – they’ll assume you do the billable work, so you can do however much pro bono around that as you want!” Emails about pro bono opportunities are regularly sent around, covering a “huge range” of matters. We heard that cases regarding incarcerated individuals are popular, and corporate interviewees were sure to flag that “there are plenty of corporate opportunities” like setting up a non-profit or LLC. A junior litigator beamed, “I went to trial in my first year for a pro bono case. It was super rewarding to be in court every day and see the fruits of our labor – like, why doing discovery matters and stuff. It really hit home.”

Pro bono hours

• For all US attorneys: 29,991
• Average per US attorney: 61

Get Hired

The first stage: recruitment on and off campus 

OCI applicants interviewed: undisclosed

Interviewees outside OCI: undisclosed

Cravath sees close to 900 students from law schools across the country for approximately 90-100 summer positions every year.  While the competition may be intimidating, recruitment sources at the firm advised, “We encourage all students with an interest in Cravath to apply as we look seriously at every application we receive.” Cravath also considers candidates “who spent time in other careers or took detours from what might be considered the ‘straight and narrow’ path.”

The initial interviews are conducted by partners, which is “consistent with the investment of time made by our partners throughout all phases of the recruiting process.” Questions focus on the candidate's experience “in an effort to better understand their unique backgrounds and interests — it is very much a two-way, free-flowing conversation.” Recruitment sources add that they’re looking for “a breadth of skills and attributes in candidates at the initial campus interview stage: a strong presence; evidence of good judgment and resilience in the face of challenges, often demonstrated in work experience; interests outside of law school; and a genuine commitment to learning and development.”

Top tips for this stage:

“The number one thing is to be knowledgeable about our rotation system – it’s something the partners are proud of.” – a first-year junior associate

“We want to get to know you, and we want you to get to know us, so we encourage students to share their unique experiences.” – the firm

Callbacks

Applicants invited to second stage interview: undisclosed

Cravath’s callback interviews are designed to give candidates the best sense of the Firm’s people and culture. A typical interview day lasts between three and four hours. Interviews are mainly done on a one-to-one basis, and candidates can expect to meet with two to three partners and associates in a variety of practice areas.

Our recruitment sources told us that one of the main reasons for involving multiple interviewers is “to give students an opportunity to get a true sense of who we are as a firm.” It also means the interviewers “really get to know applicants and their unique qualities.” At this point, associates say, “you’ve already gotten past the stage where people are judging you based on merits and grades. You’re now here for us to see if you’d be a good fit for the firm.”

Under the new hybrid way of working, the firm continues to offer in-person interview opportunities for candidates, but made modifications to suit the virtual setting.

Top tips for this stage:

“Candidates who communicate well and show hunger and intellectual curiosity stand out in an interview, so we encourage law students to use the discussions as a chance to learn about the firm, but also to demonstrate your unique attributes and a commitment to learning and development.” – the firm

Summer program

Offers: undisclosed

Acceptances: 122

The Firm’s summer program is designed to provide law students with an experience that mirrors the life of a first–year associate and an opportunity to work directly for, and with, the Firm’s clients.  Summer associates are given the option of spending the program in one department or splitting between two. They’re assigned to one partner in each chosen department. One sure thing to expect is that it’ll be challenging: “Partners view their summer associates much like first-year associates in collaborating on and assigning work.” Associates confirmed, “you get a serious slice of what it’s like to work at Cravath” as a summer. It might be tough, but “one of the big benefits was that when I came back as a first year I was already very comfortable with the lifestyle working as a junior at a BigLaw firm.”

Most summers receive offers and, when associates start at the firm, they indicate their practice preference between corporate, litigation, tax, executive compensation and benefits, or trusts and estates. They are subsequently assigned a partner or partner group for their first rotation of about 18 months.

Top tips for this stage:

“They need someone who’s going to work just like a first-year associate, because people aren’t going to treat you differently.” – a first-year junior associate

“Summer associates stand out when they show commitment to the work and professional development, but also demonstrate that they genuinely enjoy the practice of law.” – the firm

Interview with George (Jed) E. Zobitz, Managing Partner of the Corporate Department and Co-Head of the Finance Practice

Commercial strategy, market position and trends

Chambers Associate: How would you define your firm’s current position and identity in the legal market? What differentiates your firm from your peer firms in the market?

George E. Zobitz: We’re known for handling our clients’ most significant and complex matters, from M&A to investigations; that level of work is the market segment that we focus on. Our lawyers are known for their creative, innovative thinking and their ability to solve complex problems, and that all starts with our training and Rotation System. Our aim is to build the next generation of Cravath partners primarily from our associate pool, and to always be at the top of the market, doing the most complicated and important matters that our clients face. Talent development is a critical part of that.

CA: Have there been any developments at the firm over the past year that you’d like law students to know about?

Zobitz: 2024 was a very busy year for us across all practice areas; litigation was incredibly active, and our M&A and financing practices remained busy as well. Of recent note, we opened a D.C. office in 2023 and we also started offering English law banking representation out of our London office. Our D.C. office does a lot of antitrust and regulatory work, which is an area of increasing importance for our clients. And our English law capacity has been very successful, which complements our U.S. law securities practice in London.

In terms of corporate work, we represented Paramount’s special committee in the pending $28 billion merger with Skydance. We represented Citi in the formation of its landmark $25 billion private credit, direct lending program with Apollo. We worked on Johnson & Johnson’s pending $14.6 billion acquisition of Intra-Cellular Therapies, and Neuberger Berman Private Markets in the biggest UK deal of the year—its consortium with EQT and CPP Investments to acquire Nord Anglia for $14.5 billion. We also worked with Silvergate Bank over the last year and a half in its voluntary self-liquidation and related bank regulatory, investigative, securities and restructuring matters.

As for litigation matters, we acted as lead counsel for Robinhood in the sprawling and high-profile “meme stock” litigation, securing a string of victories over more than three years to dismiss or otherwise resolve all claims against the company. We also represented Meta, Mylan, Root and a variety of others over the year. It’s been a busy and very successful time for the Firm, and our results reflect that.

CA: Are there any domestic or international events/trends that are affecting any of the firm’s practices at the moment? Are there any trends that you think are affecting the business of law firms more generally, and how is that playing out with your firm?

Zobitz: We always keep an eye on emerging trends. There have been worldwide shifts in antitrust enforcement, so we’ve devoted more time and energy to that practice—including hiring a number of people with regulatory experience in our D.C. office. We’ve hired a number of laterals, primarily in the regulatory and antitrust space, over the years: Christine Varney; Noah Phillips; Jelena McWilliams, who was the former Chairman of the FDIC; Jeffrey Rosen, the former Acting U.S. Attorney General; Dave Kappos, who was the former Director of the USPTO; Elad Roisman, who was a former Commissioner and Acting Chairman of the SEC. All of these folks have a broad regulatory focus and have helped us enhance that offering for clients. Another major area of focus is investigations, and our chair of the practice is John Buretta, a former DOJ official. We recently brought in Andrew Finch as well, who in joining us further strengthens our antitrust capacity. 

Inside the Firm

CA: How is the firm evolving to accommodate the needs/expectations of the next generation of lawyers? This can include wellbeing, hybrid working…

Zobitz: All those things! We’ve done a very good job over the years of giving people access to our systems and support when they’re remote to make it feel just like they’re in the office. We make it so that people can work seamlessly wherever they are, and this is often the case when they’re travelling with and for clients. While hybrid work is very important, it’s also great that we have some days in the office each week, as it’s important for career development and relationship building.

We’ve tried to stay ahead of the curve with tech developments and give people access to developing areas such as blockchain and AI. We’ve used a bit of AI in our practice so far, but it could become a useful tool in our work for doing diligence and discovery. It’s still early days with that.

Well-being is an important issue in the legal market. This is a stressful job, so we pay very close attention to that. We have a number of programs available to people who want assistance; we also offer training with outside parties to provide education on wellness topics to help people ensure that their well-being is paramount. It’s certainly top of mind for us.

The Fun Bit

CA: What was the first car you owned?

Zobitz: Ah! I have to think back... I think it was a black Jeep Cherokee, a long time ago.

CA: What memory/moment has stuck with you from law school?

Zobitz: It was probably my first exam in law school, which I’ll never forget. I went to NYU and lived in Hoboken, and there was a Nor’easter. I remember walking down the steps of the train station to get to my exam, and there was a foot of water cascading down the tracks. I ended up on the last train to the city, and then the PATH actually shut down, so I had to borrow a friend’s car and drive in to the city from there. Because of the intense weather and the travel issues, I almost missed my very first law school exam, which would have certainly added to the stress I was already feeling as a young law student. Looking back, I suppose at that stage of life you’re not really watching the weather to factor it into your day, so I had no idea it was coming…

CA: Which actor/actress would you want to play you in a biopic about your life?

Zobitz: That’s a good question. I don’t know! Maybe Harrison Ford… and the only reason I’m saying this is because a friend of mine’s wife is convinced that I sound like him, but I don’t think I do!